Seeking Alpha • Sep 08

BRF S.A.: The Potential Merger With Marfrig Makes It Interesting

Summary BRF S.A. is merging with Marfrig, creating a global protein leader, but regulatory and policy risks remain significant. Despite operational improvements and international reach, BRF's volatility and Brazilian market risks justify caution at current prices. Most merger upside is already priced in; I see little near-term value above 20 BRL per share, my price target for a risk-adjusted entry. Given uncertainties and limited upside, I rate BRF S.A. as a 'HOLD' and would only consider buying below 20 BRL. Read the full article on Seeking Alpha

Seeking Alpha • Mar 01

Global Poultry Prices May Be Peaking, But BRF Should Be Getting More Credit

Summary BRF SA shares have plunged due to concerns about peaking poultry prices and a weaker Brazilian real, but the sell-off seems excessive. Despite disappointing Q4 margins, BRF showed strong revenue growth, improved cost structure, and significant progress in its processed and branded food offerings. The company’s processed foods business offers more stable pricing and dependable margins, mitigating risks from commodity price volatility, and continues to be a growth driver for the International business. With a fair value estimate of $5.00 to $5.50, BRF is a contrarian buy candidate, especially amid potential trade frictions that could further boost Brazilian poultry exports. Read the full article on Seeking Alpha

Seeking Alpha • Dec 04

Despite BRF's Record Margins, Price Data From Brazil Points Toward A Cycle Reversal

Summary BRF's 3Q24 results show strong gross margins and EBITDA improvements, driven by lower CoGS and higher pricing in BRL, but future margins are at risk. Rising maize prices and increasing production costs for swine and poultry in Brazil could negatively impact BRF's margins in 4Q24 and 1Q25. Despite recent margin improvements, I maintain a Hold rating due to BRF's cyclical nature and potential for declining margins, making current stock prices unattractive. I remain cautious and will consider buying if BRF's stock price drops significantly, ideally below $2 per share. Read the full article on Seeking Alpha

Seeking Alpha • Oct 01

BRF Q2: Positive Outlook For The Brazilian And International Markets

Summary BRF's net revenue increased by 22% YoY and 11% QoQ, with EBITDA margins significantly improving to 17.6% in 2Q24. The company has a healthy capital structure, with net debt reduced to $1.59 billion and leverage at 1.14x EBITDA. Valuation remains attractive with a potential 37% appreciation, supported by Seeking Alpha's strong buy recommendation and favorable market conditions. Read the full article on Seeking Alpha

Seeking Alpha • Sep 04

BRF Is Already Priced For Peak Margins, With Poultry Cycles Peaking

Summary BRF S.A. posted strong 2Q24 results with full margin recovery due to improved poultry and pork markets, falling grain prices, and BRL depreciation. Despite impressive results, BRFS stock is a Hold due to potential margin decreases and historical poor capital allocation decisions. The company's current valuation assumes record profitability, which is unsustainable in the long term given the cyclical nature of commodity markets. On a cycle-average basis, BRF appears overvalued, with long-term EBITDA margins likely to revert to 10.2%, not the current 17%. Read the full article on Seeking Alpha

Seeking Alpha • Aug 20

Improved Execution Is Letting BRF SA Fully Benefit From A Strong Poultry Cycle

Summary A healthy global poultry market and good execution on operational improvements has driven strong gains in BRF's share price. Second quarter results exceeded expectations for revenue and margins, with strong volumes and meaningful improvements in cost efficiency, helped by lower grain prices and improved efficiency. How long this poultry cycle will stay positive is an open question; if the cycle follows past trends, BRF is likely to see poultry margins flatten out from here. I'm bullish on the prospects for further growth in processed foods and operational efficiency improvements, but investors shouldn't get too far ahead of the story, as commodity cycles still matter. Read the full article on Seeking Alpha

Seeking Alpha • Jul 05

BRF: The Recent Rise Is Not A Chicken Flight

Summary Brazil is a powerhouse in agribusiness, and BRF has a prominent position in the poultry market. The company's costs have fallen, which should bring even better margins in the short term. BRFS has an attractive valuation based on the EV/EBITDA multiple and is experiencing very strong momentum. Read the full article on Seeking Alpha

Seeking Alpha • May 15

BRF: Recent Recovery Was Cyclical, Not Operational, Still A Hold

Summary BRF S.A. is a Brazilian meatpacker specializing in poultry, pork, and processed foods. The company operates globally and owns Brazil's leading meat-based product brands, Sadia, Perdigao, and Qualy. 4Q23 and 1Q24 earnings sent BRF's stock up 30%, thanks to a cyclical recomposition of margins. The company's EBITDA margins went from 5% one year ago to 16% in 1Q24. The margin recomposition was expected in a cyclical industry with volatile supply (live animals and feed) and demand (processed meat) markets. A reversion of margins could also occur in future periods. That is why I prefer a cycle-average approach to valuation. Considering that approach, the stock is still expensive, so I maintain my Hold rating. Read the full article on Seeking Alpha

Seeking Alpha • Apr 04

BRF S.A. Has Stabilized Its Business, And Investors Await The Next Act

Summary Successful operational improvement initiatives and improving free cash flow have led to strong performance from BRF S.A. shares. The company has achieved significant improvements in feed conversion, meat yields, plant efficiency, logistical execution and retail in-store positioning. Competition from JBS in Brazil is a concern, but BRF's branded share has held up well and the company has continued to build share in key markets outside of Brazil. I expect the Street to be very focused on management commentary about further margin improvement prospects with the upcoming quarterly report. Near-term upside looks more "good" than "great," but there are certainly avenues to greater gains if mid-teen EBITDA margins become a sustainable reality. Read the full article on Seeking Alpha

Seeking Alpha • Jan 30

BRF: Poor Capital Allocation, Dangerous Leverage Makes It A Hold

Summary BRF's stock is not recommended due to poor past capital allocation decisions, high leverage levels, and lack of business diversification. JBS and Minerva are preferred investment opportunities over BRF. BRF's operational performance has been weaker compared to its peers, with slower growth and declining margins. The company's current situation is dangerous, given its operational losses and high leverage. Read the full article on Seeking Alpha

Seeking Alpha • Oct 18

BRF: Uncertainty Persists Despite Commodity Cycle Advantage

Summary BRF S.A. has outperformed the Brazilian stock market in 2023, rebounding from challenges posed by high global corn and soybean prices, which pressured its margins. Second-half performance likely to benefit from lower commodity prices, improving margins, and supporting debt reduction. Marfrig's increased stake bolsters BRF's shares, but the elevated valuation prompts me to explore alternative options with more favorable pricing. Read the full article on Seeking Alpha

Seeking Alpha • Aug 16

BRF: Ongoing Deleveraging, Not Much Else

Summary BRF's stock price has shown volatility, rebounding after two difficult years due to high global corn and soy prices. Positive trends for BRF include a decrease in commodity prices, potential sale of non-core assets, and a shift in poultry protein supply-demand dynamics. BRF reported a net loss in Q2 2023, but Brazilian operations demonstrated margin growth and robust cash generation. While BRF is making strides in reducing its leverage, the company's heavy dependence on the domestic market limits the potential for substantial growth. Read the full article on Seeking Alpha

Seeking Alpha • Jul 05

Rare Buy Picks In June 2023 - From 34 Discerning Analysts

Summary We've compiled a list of June Investment Picks that you may have missed. Some Seeking Alpha analysts are more discerning by nature. Others are finding compelling ideas hard to come by in today's market environment. The investment ideas featured here are from 34 Analysts who have ONLY ONE Buy/Strong Buy recommendation in Q2, published in June. Read the full article on Seeking Alpha

Seeking Alpha • Jun 02

BRF S.A.: 2023 Improvements

Summary BRF SA shares have declined significantly due to poor performance in the past year. Factors driving BRFS's underperformance include Brazil's political risks and higher input costs in 2022. Despite concerns, BRF SA has strong growth prospects through global acquisitions and a dominant market position in Brazil. Read the full article on Seeking Alpha

Seeking Alpha • Feb 02

BRF S.A.: Still Strong Trends But No Upside Potential

Summary Rising prices for key products continue to support the company's top line. However, cost growth is outpacing price growth and is putting pressure on margins. According to my DCF model, I see no potential for further growth based on a fundamental approach. Introduction Shares of BRF S.A. (BRFS) have risen 12.7% YTD. While I still maintain a positive outlook on consumer staples, in my personal opinion, now is not the best time to buy shares of the company, according to my assessment based on fundamental analysis. Although the company operates in a conservative sector where the company is the beneficiary of rising prices for its own products, at the moment I do not see the potential to improve the operating margin of the business, because the growth of part of the expenses in the business outpaces the growth of prices for the main products, which has a negative impact on operating profitability. Revenue model In order to more accurately forecast future cash flows, I made my own forecasts for the company's revenue in future periods. The main drivers of revenue growth are: growth in sales volumes and growth in prices for the company's goods. Volumes: We see that in real terms, the company's sales volumes continue to stagnate due to rising prices, macro and geopolitical tensions, declining consumer confidence and real incomes. Thus, in my model, I assume volume growth of 1% in Q4 2022 and 2% through 2026. Prices: I expect elevated inflation to continue into 2023. Therefore, I predict a price increase of 11% in Q4, 10% in 2023 and 5% until 2026. I believe that the company is able to pass on the increase in prices to the end consumer. Revenue model (Quarterly) Personal calculations Revenue model (Yearly) Personal calculations Projections In November, the company published operating and financial results for the third quarter of 2022. Despite the increase in prices for key products and a slight increase in sales volumes, the business's operating margin and gross margin decreased relative to Q3 2021. Based on my revenue projections for the company, I made assumptions about future costs to build a future cash flow model to value the business. Gross margin: I forecast that the gross margin will increase to 20% in Q4 2022 due to the seasonal factor, then I forecast a level of 16.5% until 2026. At present, I believe that the company, in my personal opinion, will not be able to demonstrate improvements in the gross margin, due to continued high inflation, which has a negative impact on business costs: 1) grain price (soybeans, soybean oil, soybean meal) 2) rising fuel prices (Brent) 3) rising labor costs In addition, I took a close look at the Q3 2022 Earnings Call Transcript, where management did not mention how the operating margin of the business could be improved. I believe that in the coming quarters we may see an increased level of operating expenses. In my personal opinion, the market expects margins to rise to reprice the stock up against the backdrop of high inflation and the company's ability to pass on higher inflation to the end consumer. You can see the dynamics of the continued growth of "Cost index" in the chart below Management report 3Q22 Thus, my own assumptions about future gross margins are based on expectations of continued high inflation in fuels and soybeans. At the moment, I predict a conservative level of 16.5%. Selling expenses: In my personal opinion, the level of selling expenses (% of revenue) will increase to 14% in Q4, then I conservatively forecast a level of 13.2% until 2026. I don't think the company will be able to show efficiency gains here, as business volumes in real terms don't show the significant growth needed for economies of scale. G&A expenses: I predict expenses for general and administration (% of revenue) at the level of 1.4 - 1.5% (of revenue) until 2026. The company model is very sensitive to the forecast level of gross margin. If the company can show improvements, especially in the Brazil segment, I think that will help the stock. In that case, I will gladly update my own forecasts and update my view on the company's stock. Quarterly projections: Personal calculations Yearly projections: Personal calculations Valuation To value a company, I prefer to use the DCF method because: 1. The company operates in a conservative and stable market where the use of DCF is most preferable 2. The company has a long public history from which I can make assumptions about future growth and profitability 3. When using DCF, I am able to use my own price and volume growth inputs for the company's main commodities. I use the following assumptions in my model: WACC: 8.3% Terminal growth rate: 3% Personal calculations Volumes: increasing sales volumes, increasing market share, entering new markets and new segments can have a positive impact on revenue growth. Macro: rising real disposable income and increased consumer confidence could have a positive impact on consumer spending and company revenue.

Seeking Alpha • Nov 10

BRF S.A. GAAP EPS of -R$2.11, revenue of R$14.06B

BRF S.A. press release (NYSE:BRFS): Q3 GAAP EPS of -R$2.11. Revenue of R$14.06B (+13.5% Y/Y).

Seeking Alpha • Oct 25

BRF S.A. stock price dipped 10% as Citi downgrades to Neutral, PT lowered

BRF S.A. (NYSE:BRFS) downgraded to Neutral from Buy with a price target of R$18, down from R$29 by Citi analyst Sergio Matsumoto. The analyst downgrades the shares pending a "profitability turnaround" under the new CEO. Company is given a SA Author rating of Buy and a Wall Street rating of Hold Stock tumbles 10% on news.

Seeking Alpha • Aug 31

BRF S.A. Sees Yet Another Change At The Top As The Never Ending Turnaround Continues

Summary BRF is going through yet another CEO transition, as the company's board accepts the resignation of Lorival Luz and brings in the now-former CEO of Marfrig. The new CEO, Miguel Gularte, has a long history of operational success, but his experience has been with beef processing companies. BRF has languished through multiple restructuring efforts; there are valid and attractive core assets here, but the task of driving a meaningful turnaround is not a simple one. Management is crucial to the long-term success of any company, and this has been an issue with BRF SA (BRFS) for some time now. With Tuesday’s announcement of yet another change at the top, BRF will have its seventh CEO since 2013 – a period that has seen the stock lose 60% of its value. While this latest change doesn’t necessarily presage an imminent takeover of BRF by controlling shareholder Marfrig (MRRTY), it does at least put an executive in charge with a strong track record of operational execution. At this point, I’m not changing my estimates, discount rate, or other valuation inputs for BRF shares. At a minimum I would like to hear what the new CEO has to say in terms of strategic priorities (near- and longer term) and plans. The opportunity to do better is certainly here, but “opportunity” only gets you so far, and BRF management has a lot of work to do to restore and rebuild investor confidence in a longer-term growth story. Another Change At The Top BRF announced on August 30 that the current CEO Lorival Luz (who has served as CEO since 2019) had tendered his resignation and that the board had hired Miguel Gularte, the CEO of Marfrig. There will be a one-month transition period. Whether or not the market had been expecting such a move is an open question. Since Marfrig effectively took control of the company – it owns about one-third of the shares of BRF and controls the company through 9 of 10 members of the board of directors – there have been few changes of consequence, but many analysts and investors have been expecting Marfrig to do “something” to kickstart the process of transforming/restructuring BRF into a more consistent performer. Gularte had served as the CEO of Marfrig since mid-2018 and has a long career as an executive with Brazilian beef players, including JBS (JBSAY) and Minerva (MRVSY). While the transferability of market knowledge between global (or at least Western hemisphere) beef and poultry could be debated, Gularte has established a reputation for prioritizing and delivering strong operational excellence, and this is something that I don’t believe many will argue has been lacking at BRF for many years (despite some progress with the most recent restructuring initiatives). No Simple Solutions I am eager to hear what Gularte believes he can do differently in terms of strategy and operational execution. BRF has exited some of its less profitable, more scattered international operations and refocused around three main lines of business – a two-tiered Brazilian poultry and packaged food business focused on an ongoing shift toward more profitable packaged foods, a halal-centered business focused on the Mideast and Turkey that is pursuing more in-region production and packaged foods penetration, and a China-centric Asian operation intended to leverage the cost advantages of Brazilian-sourced poultry. BRF has also been prioritizing improved manufacturing and go-to-market efficiencies, albeit with mixed success. This was always going to be a multiyear process, and one that was going to be at least partially constrained by the company’s simultaneous (and contradictory) goals of improving its liquidity situation while reinvesting in plant and logistics modernization. Likewise, the company has been trying to carve out more distinct identities for its brands Sadia and Perdigao, while also fending off increased market share from rival Seara (owned by JBS). Exactly what Gularte can do differently is an open question, though again, he is an executive with a strong track record of operational execution. Plant modernization and consolidation will likely remain a key focus, as will improved efficiencies in the distribution of BRF’s products. While packaged food has been increasing as a percentage of BRF’s sales in Brazil (and overall), a meaningful portion still comes from more commoditized products where such efficiencies really matter.

Seeking Alpha • Aug 17

BRF SA Muddling Through And Still Weighed Down By Debt And Capex

BRF posted better results in the second quarter, including a return to profitability in the Brazilian operations, but profitability is still suboptimal and Brazilian consumers are under increasing pressure. The Halal business continues to perform well, but hyperinflation in Turkey is a threat, as are inconsistent and less-than-transparent policy decisions from Saudi Arabia. BRF's turnaround/restructuring plan is credible and on track, but external factors have led to weaker margins, greater cash burn, and higher net debt. BRF shares are undervalued and there is a path to meaningfully better results in a few years, but execution risks are not trivial and macro challenges remain significant. The last five months or so have been challenging ones for BRF SA (BRFS). Brazilian consumers are under pressure from high inflation, and although input costs have been better of late for this large poultry and packaged food producer, margin leverage is still sub-optimal. What's more, as the company continues to invest into transformative capex, liquidity has come under pressure, leading to a higher net debt position. It's harder to find strong arguments for a bullish stance on BRF today. While the situation in Brazil seems to be stabilizing, there's still quite a bit of uncertainty in key foreign markets. What's more, rivals like JBS (JBSAY) have more flexibility when it comes to pricing and assortment. Maybe the best bullish argument at this point is that expectations have come down for this stock and the shares don't look all that expensive; if the company can execute on its multiyear turnaround strategy, there is greater upside potential, but execution has been pressured here of late. A Q2 Beat Against Lower Expectations After an awful first quarter, sell-side analysts reset their expectations for BRF for the remainder of the year. I think BRF's better-than-expected second quarter results have to be viewed in that context, as well as some helpful trends like gross spreads and strong pricing in certain foreign markets. Revenue rose more than 14% year over year on a pro forma basis, coming in slightly ahead of expectations according to one third-party source and slightly below expectations according to a different source. Adjusted EBITDA, though, was solidly above expectations in either case - beating by around 10%-11%. Revenue growth was underpinned by improved results in Brazil (close to half of revenue), where revenue rose more than 12% year over year and 11% quarter over quarter, with volume down 4% yoy and price up 17%. In the processed food business, volumes were down 3%, while price increased 19%. All things considered, large producers like BRF and JBS are seeing less of the trade-down effect (customers shifting consumption to cheaper options) than smaller players. Gross margin in Brazil declined 220bp to 15.9%, and adjusted EBITDA declined 19% yoy and reversed a quarter-ago loss to R$398M, with margin declining 170bp to 9.2%. While BRF didn't see the same hit to its cost structure from weaker demand as in the first quarter, profitability is still suboptimal today. The International business saw 13% yoy and 11% qoq revenue growth. The largest segment, the Halal business, reported 28% yoy and 1% qoq growth, with volume and price growth relatively balanced on a yoy basis. Sales to Asia declined 16% yoy on a 20% volume decline, while direct export sales rose 25% on an 8% volume decline. International gross margins benefitted from a better spread between higher poultry prices and more stable grain prices, helping drive International gross margin up four points to 21.5%, with the Halal business up 920bp to 29.5%. EBITDA rose 40% yoy as reported (margin up 280bp to 14.2%), but the Halal business did get a boost from hyperinflation in Turkey, with reported EBITDA up 114% to R$595M and adjusted EBITDA up 63% to R$453M (with margin up 370bp to 16.9%). Ongoing Challenges In Brazil Although BRF reported data from the Brazilian Supermarket Association that suggests a surprising level of consumer resilience in the face of sharp inflation (prices up 11% to 12% depending upon the source), other third-party sources suggest that there's been more trading-down in the market and that this could accelerate as the gap between wages and prices increases. BRF is facing a delicate balancing act in its domestic operations. While the company does have a tiered branding strategy that can help a bit with pricing/assortment flexibility, the reality is that Brazil is a significant market, and the company's profitability and liquidity challenges don't lend as much pricing flexibility as JBS's stronger operations do. BRF's market share held up rather well in the second quarter, but this could be a more challenging balancing act in the second half of the year, and particularly so if input prices were to start reaccelerating (corn prices have been declining while chicken prices have been fairly steady at a higher level). The International Situation Still Merits Monitoring BRF's Halal business has long been a jewel in the company's crown, and I expect that to continue. That said, management did note some concerns about the hyperinflationary environment in Turkey (a key market). There's also ongoing uncertainty about the Saudi Arabian market, as the country recently (May 2022) suspended chicken imports from 11 Brazilian plants (including several JBS plants but no BRF plants). Saudi Arabia has been pushing for greater self-sufficiency in food production, and this has created turmoil for BRF in the past, though the company and the kingdom have been working more closely of late to increase domestic production within Saudi Arabia. On a larger macro level, I have some concerns about the poultry market. Export demand from Brazil has remained healthy, but I do have concerns that the market could correct/normalize faster than the beef market, leaving BRF in a more challenging position relative to other Brazilian protein producers. The Outlook It's worth remembering that the restructuring underway at BRF is a multiyear project and one that is still closer to its start than its end. Initial efforts like refocusing around the core Halal business, introducing/growing a pet food business, and streamlining domestic go-to-market activities have looked good so far. Still, the company has a long way to go with its overall margin structure and with its efforts to improve liquidity (reduce debt).

Seeking Alpha • Jun 10

BRF S.A.: Meat Exporter To Hold Through 2030

BRF S.A. is one of the world’s largest meat exporters, and it has been aggressively expanding into other international markets. Its Halal Segment will be a key driver of growth. Financial performance should be acceptable, even though inflation and sluggish growth remain key risks.

Seeking Alpha • Mar 03

BRF SA - A Little Light, But A Lot Of Tunnel

BRF posted mixed fourth quarter results, with slightly better-than-expected EBITDA driven by stronger results in the halal and direct export businesses, while Brazil underperformed. BRF's Brazilian operations are getting squeezed by higher input prices and limited pricing power, as reduced consumer purchasing power is hitting the value-added business. Marfrig is looking to take a more active role with its large investment stake, and has proposed a new slate of directors that would significantly change BRF's board. A takeover from Marfrig looks more likely now, but the timing and valuation are very much uncertain; BRF's standalone value looks to be around $5/ADR, but with significant execution/operating risks.

Seeking Alpha • Feb 14

BRF SA - The Long Wait For Self-Improvement Goes On

BRF is likely going to report ongoing margin pressures in Q4'21 and 2022 when it reports next week, as poultry prices have flattened but costs haven't let up. Recent inflation has delayed some of the progress of the company's self-improvement plan, but the company is largely on-target from a strategic perspective. Product development, production localization, plant modernization, and expanded pet food operations are all key drivers. The near-term outlook for margins and FCF is not great, but there's more attractive long-term potential on the basis of the self-improvement plan.

Seeking Alpha • Aug 12

BRF S.A.: Recent Pet Foods Acquisitions Are Positive Steps, But Challenges Remain

BRF SA recently disclosed the acquisitions of Mogiana Alimentos and Hercosul Group. Both deals represent positive steps toward achieving the longer-term strategic plan, while the transaction multiples also screen favorably relative to comparable deals. Nonetheless, near-term fundamental challenges continue to weigh on the outlook, keeping me on hold.

Snowflake Score
Valuation	3/6
Future Growth	0/6
Past Performance	5/6
Financial Health	6/6
Dividends	3/6

Historical stock prices
Current Share Price	R$3.38
52 Week High	R$4.87
52 Week Low	R$2.99
Beta	0.71
1 Month Change	-7.65%
3 Month Change	-6.37%
1 Year Change	-26.52%
3 Year Change	36.29%
5 Year Change	3.05%
Change since IPO	188.43%

	BRFS	US Food	US Market
7D	-19.1%	1.9%	0.5%
1Y	-26.5%	-2.5%	16.5%

BRFS volatility
BRFS Average Weekly Movement	7.3%
Food Industry Average Movement	5.5%
Market Average Movement	7.2%
10% most volatile stocks in US Market	16.3%
10% least volatile stocks in US Market	3.2%

BRFS fundamental statistics
Market cap	US$5.42b
Earnings (TTM)	US$679.36m
Revenue (TTM)	US$12.12b

BRFS income statement (TTM)
Revenue	R$63.95b
Cost of Revenue	R$47.12b
Gross Profit	R$16.83b
Other Expenses	R$13.24b
Earnings	R$3.59b

Earnings per share (EPS)	2.25
Gross Margin	26.31%
Net Profit Margin	5.61%
Debt/Equity Ratio	114.6%

BRF dividend dates
Ex Dividend Date	Sep 22 2025
Dividend Pay Date	Oct 09 2025
Days until Ex dividend	313 days
Days until Dividend pay date	296 days

Data	Last Updated (UTC time)
Company Analysis	2025/09/24 01:16
End of Day Share Price	2025/09/22 00:00
Earnings	2025/06/30
Annual Earnings	2024/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Benjamin Theurer	Barclays
Gabriel Vaz de Lima	Barclays
Henrique Brustolin	Bradesco S.A. Corretora de Títulos e Valores Mobiliários

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Price History & Performance

Recent News & Updates

BRF S.A.(BOVESPA:BRFS3) dropped from Brazil IBRX 50 Index

BRF S.A.(BOVESPA:BRFS3) dropped from FTSE All-World Index (USD)

BRF S.A.: The Potential Merger With Marfrig Makes It Interesting

Marfrig Global Foods S.A. (BOVESPA:MRFG3) agreed to acquire remaining 49.10% stake in BRF S.A. (BOVESPA:BRFS3) for BRL 14 billion.

BRF S.A., Annual General Meeting, Mar 31, 2025

Global Poultry Prices May Be Peaking, But BRF Should Be Getting More Credit

Recent updates

BRF S.A.(BOVESPA:BRFS3) dropped from Brazil IBRX 50 Index

BRF S.A.(BOVESPA:BRFS3) dropped from FTSE All-World Index (USD)

BRF S.A.: The Potential Merger With Marfrig Makes It Interesting

Marfrig Global Foods S.A. (BOVESPA:MRFG3) agreed to acquire remaining 49.10% stake in BRF S.A. (BOVESPA:BRFS3) for BRL 14 billion.

BRF S.A., Annual General Meeting, Mar 31, 2025

Global Poultry Prices May Be Peaking, But BRF Should Be Getting More Credit

BRF S.A. to Report Fiscal Year 2024 Results on Feb 26, 2025

Despite BRF's Record Margins, Price Data From Brazil Points Toward A Cycle Reversal

BRF Q2: Positive Outlook For The Brazilian And International Markets

BRF Is Already Priced For Peak Margins, With Poultry Cycles Peaking

Improved Execution Is Letting BRF SA Fully Benefit From A Strong Poultry Cycle

BRF: The Recent Rise Is Not A Chicken Flight

BRF: Recent Recovery Was Cyclical, Not Operational, Still A Hold

BRF S.A. Has Stabilized Its Business, And Investors Await The Next Act

BRF: Poor Capital Allocation, Dangerous Leverage Makes It A Hold

BRF S.A., Annual General Meeting, Mar 28, 2024

BRF: Uncertainty Persists Despite Commodity Cycle Advantage

BRF: Ongoing Deleveraging, Not Much Else

Rare Buy Picks In June 2023 - From 34 Discerning Analysts

BRF S.A.: 2023 Improvements

BRF S.A. to Report Q4, 2022 Results on Feb 28, 2023

BRF S.A.: Still Strong Trends But No Upside Potential

BRF S.A. Announces Executive Changes

BRF S.A. to Report Q2, 2023 Results on Aug 08, 2023

BRF S.A. GAAP EPS of -R$2.11, revenue of R$14.06B

BRF S.A. stock price dipped 10% as Citi downgrades to Neutral, PT lowered

BRF S.A. Sees Yet Another Change At The Top As The Never Ending Turnaround Continues

BRF SA Muddling Through And Still Weighed Down By Debt And Capex

BRF S.A.: Meat Exporter To Hold Through 2030

BRF SA - A Little Light, But A Lot Of Tunnel

BRF SA - The Long Wait For Self-Improvement Goes On

BRF S.A.: Recent Pet Foods Acquisitions Are Positive Steps, But Challenges Remain

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About the Company

BRF S.A. Fundamentals Summary

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